South Korean Exchange Upbit Surpasses Coinbase, OKX in July Trading Volume to Take No. 2 Spot for First Time

Upbit, a South Korean cryptocurrency exchange, surpassed centralized exchanges Coinbase and OKX in terms of trading volume for the first time in July, according to a report by CCData.

Upbit bucked the general market trend, witnessing a 42.3% increase in trading volume to $29.8 billion, pushing the exchange beto the second-largest platform by trading volume, after Binance. Coinbase was previously the second largest crypto exchange by trading volume. Although Binance remains the largest platform for spot trading in crypto, recording $208 billion in trading volume in July, the exchange’s market sharefor the fifth consecutive month in July. Binance’s market share now stands at 40.4%, its lowest mark since August 2022.

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